New claims for unemployment insurance last week backed off from a seven-year high, but were still higher than economists’ estimates, according to the US Department of Labor.

Initial filings for state jobless benefits decreased by 20,000 to a seasonally-adjusted 478,000 in the week ending October 4th.

Economists expect the number to decline to 475,000. For the week ending September 27th, unemployment claims spiked to an upwardly-revised 498,000. That week, jobless claims were the highest recorded since the 517,000 claims filed in the wake of the 9/11 attacks.

The Labor Department attributed about 17,000 of the new claims to the lingering effects of Hurricanes Gustav and Ike.

The jump in unemployment filings in Texas is not just hurricane-related, but due in part to losses in the finance, real estate, and insurance markets.

The number of American workers collecting benefits for more than one week has jumped by 56,000 to 3,659,000 -- the highest level in more than five years.

Click here for more information on financial services jobs in your area.

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